Probably following the footsteps of the RBI, now Central Bank of Laos Prohibits Cryptocurrencies and related activities. Of course, the blockade is on sales purchase and trading of digital money. Prior to this, the bank has already put an active ban on financial firms from doing any kind of business regarding crypto. The primary concern of the bank is the namelessness of the sender and the receiver in a crypto transaction. This tends to increase the risk of digital assets.
Though in some countries people are taking interest in crypto, in most places people are not aware of its concept. The major threat to crypto comes from government bodies and financial regulators. They are putting outright ban without even testing out the possibilities of crypto. If we take a look at all those instances of the crypto ban in various regions, the main reason is a security concern. Adding to the woes, the money laundering issues and scams further complicate and tarnish the image of crypto and its scope.
Again when talk of crypto ban it will be incomplete if we don’t discuss its scenario in India. The Indian government is already planning to impose a complete ban on crypto. Again the reason being money laundering and nabbing fraud investors. It will take a good deal of time for cryptocurrency to get acceptance over the globe. It has a lot of scopes which the masses need enlightening about.